Florida Economy Bounces Back In January, Reports Comerica Bank's Florida
Economic Activity Index
PR Newswire
DALLAS, March 28, 2013
DALLAS, March 28, 2013 /PRNewswire/ --Comerica Bank's Florida Economic
Activity Index rebounded in January, jumping to a level of 116.5. The January
index reading is 36 points, or 45 percent, above the index cyclical low of
80.6. The index averaged 110 in 2012, 11 points above the average for all of
2011.December's index reading was revised up 0.2 percentage points from the
originally published 113.2 to 113.4.
(Logo: http://photos.prnewswire.com/prnh/20010807/CMALOGO)
"After dipping in December, our Florida Index bounced back in January,
reaching its highest level since August 2007. Index components were solidly
positive for the month, with the exception of exports, which declined in
January," said Robert Dye, Chief Economist at Comerica Bank. "Increasing state
sales tax revenue in recent months bodes well for ongoing economic momentum in
Florida. Real estate markets are firming across the state, and will be an
important source of strength in 2013."
The Florida Economic Activity Index consists of seven variables, as follows:
nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates,
continuing claims for unemployment insurance, building permits, and airline
passenger deplanements. All data are seasonally adjusted, as necessary, and
indexed to a base year of 2008. Nominal values have been converted to constant
dollar values. Index levels are expressed in terms of three-month moving
averages.
In addition to Boca Raton, East Boca Raton, Fort Lauderdale, Naples, Palm
Beach Gardens, Singer Island, Sarasota, Stuart, Wellington and Weston, Fla.,
Comerica (NYSE: CMA) locations can be found in its headquarters state of
Texas, as well as in Arizona, California and Michigan, with select businesses
operating in several other states, as well as in Canada and Mexico. To find
Comerica on Facebook, please visit www.facebook.com/ComericaCares.
To receive this index directly to your email inbox, go to
www.comerica.com/econsubscribe to subscribe. Follow us on Twitter at
@Comerica_Econ.
SOURCE Comerica Bank
Website: http://www.comerica.com
Contact: Media Contact, Robert Dye, +1-214-462-6839, radye@comerica.com, Data
Contact, Meaghan Derrick, 1-214-462-6815, maderrick@comerica.com